Friday, January 29, 2016

Loan, mortgage; sample amended agreement


            WE, the undersigned Parties, xxx and xxx (“Mortgagee”) and xxx (“Mortgagor”), hereby agree and covenant as follows:

1.       Existing Agreements to be Amended. - This agreement amends the following existing agreements previously executed by the parties involving a house located xxx, xxx, xxx, xxx City:

1.1.             SANLA/TIRA, dated August 18, 2015; and
1.2.            KASUNDUAN, dated August 22, 2015;

2.      Amended Schedule of Payment. – The parties depose and agree:

2.1.            The outstanding balance of EIGHTY THOUSAND PESOS (P80,000.00) shall be paid by the Mortgagee as follows:

2.1.1.                   Upon execution of this amended agreement. – FIFTEEN THOUSAND PESOS (P15,000.00), subject to deduction by Mortgagee of the amounts recently paid last week by Mortgagee for the MERALCO and the MAYNILAD consumption for the subject property;

2.1.2.                  FIFTEEN THOUSAND PESOS (P15,000.00) shall be paid by Mortgagee on November 12, 2015; December 12, 2015; and January 12, 2016; February 12, 2016; and

2.1.3.                  FIVE THOUSAND PESOS (P5,000.00) to be paid on March 12, 2016;

3.      The rest of the terms and conditions, stipulations, and provisions of the aforecited two (2) agreements mentioned in Par.  1.1 and Par. 1.2 of this amended agreement shall remain.

4.      It is understood that the Mortgagor shall pay IN FULL her loan obligation of TWO HUNDRED THOUSAND PESOS (P200,000.00), without interest. Unless the said loan is fully paid/settled  by Mortgagor, the Mortgagee shall continue to have possession and occupy the subject property.
xxx City, xxx.

                                                    (Names, addresses of Parties and Witnesses)